Homework Answers
TRIAL BALANCE
Debit Credit
Accounts Payable $48,000
Accounts Receivable $25,000
Accumulated Depreciation, Building $100,000
Building $210,000
Cash $20,000
C.Class, Capital $120,000
C.Class, Drawings $4,000
Inventory $60,000
Land $100,000
Prepaid Insurance $3,000
Rent Expense $6,000
Salary Expense $15,000
Service Revenue $175,000
__________ __________
Total $443,000 $443,000
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QUESTION 2: TRIAL BALANCE (14 marks) Following are the March 31, 2019 account balances (in alphabetical...
The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting...
The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Mark Wall Consulting Trial Balance as at December 31 2007 Requirements: 1. Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture &...
The accounting record of ABC Consulting at December 31, 2019 shows the following accounting balances at...
The accounting record of ABC Consulting at December 31, 2019 shows the following accounting balances at year end: Accounts Dr. $$ Cr. $$ Cash 19,000 Service revenue 113,000 Accounts receivable 25,000 Supplies 4,000 Depreciation expense 27,000 Insurance expense 6,000 Building 120,000 Equipment 100,000 Salary expense 30,000 Supplies expense 9,000 Utilities expense 12,000 Accounts payable 19,000 Utilities payable 12,000 Bank Loan (5 years) 40,000 Unearned Service Revenue 13,000 Owner's capital 170,000 Owner's drawings 15,000 Total 367,000 367,000 170,000 Required: Owner's capital...
The following is a trial balance for Amalgamated Corporation as of and for the year ended December 31,2018 Credit Debi...
The following is a trial balance for Amalgamated Corporation as of and for the year ended December 31,2018 Credit Debi $100,000 260,000 Short-term investments Furniture $282,000 27,000 Accounts payable Allowance for doubtful accounts Inventory Supplies inventory Sales returns 298,000 3,000 75,000 Prepaid insurance Copyrights Cost of goods solo Depreciation expense Accumulated depreciation-furniture Patents 4,000 88,000 1,428,000 103,000 4,000 25,000 Retained earnings Discount on bonds payable Amortization expense 15,000 64,000 6,000 250,000 425,000 Land Salaries expense Common stock 225,000 2,000 27,000...
Q3. From the following ledger balances prepare a Trial Balance: Common stock $ 72,000 Insurance expense...
Q3. From the following ledger balances prepare a Trial Balance: Common stock $ 72,000 Insurance expense $ 600 Accounts Payable $ 4,000 Service Revenue $ 80,000 Building $ 48,000 Supplies Expense $ 400 Cash $ 4,000 Salary $ 7,000 Trucks $ 132,000 Fuel expense $ 3,000 Dividends $ 5,400 Utilities expense $ 500 Accounts receivables $ 8,800 Note payable $ 4,000 Supplies $ 300
Problem 2-6B Prepare a trial balance (LO2-6) Below are account balances of Ducks Company at the...
Problem 2-6B Prepare a trial balance (LO2-6) Below are account balances of Ducks Company at the end of September Balances $ 12,000 3,000 Accounts Balances Accounts Cash $20,000 Retained Earnings Accounts Receivable 13,000 Dividends Supplies 6,000 Service Revenue Prepaid Insurance 4,000 Salaries Expense Equipment 23,000 Insurance Expense Accounts Payable 6,000 Advertising Expense Salaries Payable 3,000 Supplies Expense Utilities Payable 1,000 Entertainment Expense Deferred Revenue 8,000 Utilities Expense Common Stock 24,000 8,000 7,000 1,000 9,000 5,000 1,000 Required: Prepare a trial...
4. The balances for the accounts of Milo's Management Co. for the year ended December 31...
4. The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance. 36,000 6,000 50,000 4,000 48,000 Accounts Payable..... $ 6,500 Wages Expense......... Accounts Receivable... 7,000 Rent Expense..... Cash.... ? Land.... Office Supplies 1,200 Unearned Management Fees Building. 125,000 D. Milo, Withdrawals Supplies Expense...... 21,500 D. Milo, Capital... 118,700 Management Revenue. 175,000 Calculate the correct balance for Cash and prepare a trial balance.
Question 1 (7 points) Charlie Corporation's adjusted trial balance included the following items (all account balances...
Question 1 (7 points) Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $42,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $26,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets? Your Answer:
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Account...
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $44,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $25,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets? Bravo Unlimited provided accounting services, valued at $7,500, to its clients during the month of...
Determine the balance in the cash account and prepare the trial balance Melody Instruments Company sells...
Determine the balance in the cash account and prepare the
trial balance
Melody Instruments Company sells musical instruments. On December 31, 2017, after its first month of business, Melody Instruments had the following balances in its accounts, listed alphabetically Accounts Receivable $5,000 Accounts Payable 15,000 Accumulated Depreciation-Building 6,500 Advertising Expense 2,000 Building 26,500 Cash ???? Cost of Goods Sold 100,000 L. Melody, Capital 50,000 L. Melody, Withdrawals 1,200 Equipment 2,000 Land 60,000 Notes Payable 50,000 Office Supplies 3,400 Salaries Expense...
Current Attempt in Progress The following is an alphabetical list of accounts and balances for J....
Current Attempt in Progress The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at lune 30, 20211 Accounts Payable Accounts Receivable Cash Equipment Interest Expense J.Saggit, Capital J.Saggit, Drawings Land $13,300 10,850 8,500 19,350 530 29,700 12,700 67,800 Notes Payable Prepaid Expenses Rent Expense Salaries Expense Service Revenue Supplies Utilities Expense $31,800 3,200 4,800 8,000 66.810 5,300 580 Prepare a trial balance at June 30. Prepare a trial balance at June 30. J. SAGGIT Trial...
The accounting record of ABC Consulting at December 31, 2019 shows the following accounting balances at year end: Accounts Dr. $$ Cr. $$ Cash 19,000 Service revenue 113,000 Accounts receivable 25,000 Supplies 4,000 Depreciation expense 27,000 Insurance expense 6,000 Building 120,000 Equipment 100,000 Salary expense 30,000 Supplies expense 9,000 Utilities expense 12,000 Accounts payable 19,000 Utilities payable 12,000 Bank Loan (5 years) 40,000 Unearned Service Revenue 13,000 Owner's capital 170,000 Owner's drawings 15,000 Total 367,000 367,000 170,000 Required: Owner's capital...
The following is a trial balance for Amalgamated Corporation as of and for the year ended December 31,2018 Credit Debi $100,000 260,000 Short-term investments Furniture $282,000 27,000 Accounts payable Allowance for doubtful accounts Inventory Supplies inventory Sales returns 298,000 3,000 75,000 Prepaid insurance Copyrights Cost of goods solo Depreciation expense Accumulated depreciation-furniture Patents 4,000 88,000 1,428,000 103,000 4,000 25,000 Retained earnings Discount on bonds payable Amortization expense 15,000 64,000 6,000 250,000 425,000 Land Salaries expense Common stock 225,000 2,000 27,000...
Problem 2-6B Prepare a trial balance (LO2-6) Below are account balances of Ducks Company at the end of September Balances $ 12,000 3,000 Accounts Balances Accounts Cash $20,000 Retained Earnings Accounts Receivable 13,000 Dividends Supplies 6,000 Service Revenue Prepaid Insurance 4,000 Salaries Expense Equipment 23,000 Insurance Expense Accounts Payable 6,000 Advertising Expense Salaries Payable 3,000 Supplies Expense Utilities Payable 1,000 Entertainment Expense Deferred Revenue 8,000 Utilities Expense Common Stock 24,000 8,000 7,000 1,000 9,000 5,000 1,000 Required: Prepare a trial...
4. The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance. 36,000 6,000 50,000 4,000 48,000 Accounts Payable..... $ 6,500 Wages Expense......... Accounts Receivable... 7,000 Rent Expense..... Cash.... ? Land.... Office Supplies 1,200 Unearned Management Fees Building. 125,000 D. Milo, Withdrawals Supplies Expense...... 21,500 D. Milo, Capital... 118,700 Management Revenue. 175,000 Calculate the correct balance for Cash and prepare a trial balance.
Question 1 (7 points) Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $42,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $26,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets? Your Answer:
Determine the balance in the cash account and prepare the
trial balance
Melody Instruments Company sells musical instruments. On December 31, 2017, after its first month of business, Melody Instruments had the following balances in its accounts, listed alphabetically Accounts Receivable $5,000 Accounts Payable 15,000 Accumulated Depreciation-Building 6,500 Advertising Expense 2,000 Building 26,500 Cash ???? Cost of Goods Sold 100,000 L. Melody, Capital 50,000 L. Melody, Withdrawals 1,200 Equipment 2,000 Land 60,000 Notes Payable 50,000 Office Supplies 3,400 Salaries Expense...
Current Attempt in Progress The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at lune 30, 20211 Accounts Payable Accounts Receivable Cash Equipment Interest Expense J.Saggit, Capital J.Saggit, Drawings Land $13,300 10,850 8,500 19,350 530 29,700 12,700 67,800 Notes Payable Prepaid Expenses Rent Expense Salaries Expense Service Revenue Supplies Utilities Expense $31,800 3,200 4,800 8,000 66.810 5,300 580 Prepare a trial balance at June 30. Prepare a trial balance at June 30. J. SAGGIT Trial...
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